Chang Hard Fork Upgrade May Not Be Enough to Uplift Cardano (ADA) Price as Technical Analysis Shows Bearish Reversal Pattern

The Cardano price has been trending downward for the past couple of weeks owing to bearish market conditions. Nevertheless, the community remains optimistic

Cardano price remained in the red on August 8 as the community awaited the final steps before the Chang hard fork upgrade. However, technical analysis showed a bearish reversal pattern, which could limit ADA price gains despite the hype.

The price of Cardano (ADA) dropped by 1% in the last 24 hours to trade around $0.333 on August 8. This comes amid a broader downturn in the crypto market, with the total market cap down by 0.5% in the last 24 hours to reach $1.03 trillion.

ADA/USDT price chart shows a downward trend, with the price consistently trading below both the 50-day ($0.3519) and 200-day ($0.389) exponential moving averages (EMA). This indicates strong bearish momentum. The price recently broke below a significant support zone, which has now turned into resistance.

However, on larger time frames, the technical analysis is showing a bearish reversal pattern, which could limit ADA price gains despite the hype around Chang and other upcoming developments.

The 50-day EMA at $0.3519 and the 200-day EMA at $0.389 are the immediate resistance levels for ADA price. There is also horizontal resistance around the $0.335–$0.35 range, where the price has struggled to maintain its level.

On the flip side, the next significant support for Cardano price action is likely around $0.3, which is a psychological level and was previously tested in earlier price action. Below that, further support can be expected around $0.2500 if the bearish trend continues.

The recent candlesticks support a bearish bias after a failed attempt to break above the resistance zone. The long wicks on the candles suggest selling pressure is still dominant, with the price unable to sustain higher levels.

The technical indicators also support a bearish outlook in the short term, with the Relative Strength Index (RSI) at 50.67, showing a neutral to bearish stance.

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